Gold held its own on Friday and I am leaning long now since it has held up this long above $1,200. We are in dire need of a move higher or the bottom will fall out.
Not much to really write about for the coming week so I want to go back and repeat what I wrote in a recent article where I said the following;
“Since the gold bull market began in 2000, April has seen gold rise from March in just 5 out of the last 15 years. May has seen a rise in 8 out of 15 years.”
So far March hasn’t given us much of anything, holding true to the above pattern. We may get a rise into the end of May however. I give it more that a 60/40 proposition, especially if we get continued dollar weakness.
I will write an article this week on the gold/silver markets. I did have some of the mining stocks from the Mining Package trigger long this week. These are not “all in” trades, but just short term run up trades where I like the risk vs. reward.
Not a huge week for data or Fed members speaking. We may just trend or market makers may use this opportunity to move markets both ways and make profit from taking out stops. Look to Asia and Europe for the lead.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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